Sunday , May 29 2022

The Chilean factor partially explains the loss of millions of dollars to the LEA



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In the country, the LEA faces a review of construction contracts for three works

The situation LEA worsened as the year progressed and was particularly serious following the departure of former CEO Juan Osuna, now the first executive of Aleatica, the former OHL concessions.

Osuna presented to investors in May a rescue plan for the construction company which, in addition to justifying the sale of toll roads to the MFI Fund for just over EUR 2,158 million (US $ 2,443.1 million), included a new roadmap in his opinion, in a balanced construction portfolio that included works for the concessionaire sold to the Australian group with margins that moved between 5% and 8%.

Today, Aleatica, run by Osuna at peak capacity in June when it left the construction company, is one of the big problems of LEA, because the concessionaire has become an inflexible client with the Villar Mir group.

Sources close to the company confirm that part of the negative EBITDA in the construction field of over 300 million corresponds to the losses foreseen in the works that the company carries out for Aleatica in Latin America.

In addition, the LEA had to make a downward adjustment of Osuna's production portfolio until June, as it did not secure several concessions with Aleatica at an advanced stage of execution. These are contracts with a budget of 521 million euros, which, surprisingly, the company indicated yesterday that they are not "formalized".

In Chile, the construction contract for the port of Valparaíso is under review, with a budget of 175 million euros, the industrial bridge for 145 million and the new Camino Los Nogales for 119 million euros.

In Peru, Aleatica also renegotiates the Chimbote Evitamiento construction works (114 million), which is part of the Autopista del Norte highway.

"At least paradoxically, projects considered healthy and profitable by the LEA in June under Juan Osuna's wand now become a headache with Osuna as a client on the other side of the table," sources in the concession sector say At the same time, they appreciate the exercise of transparency and caution by the new construction company's management team.

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